China called President Donald Trump's latest tariffs on Chinese goods hypocritical and defended its curbs on exports of rare earth elements and equipment, but stopped short of imposing new levies on U.S. products.
Trump reacted to Beijing's most recent export controls by imposing additional tariffs of 100% on China's U.S.-bound exports, along with new controls on critical software by Nov. 1. But the president played down the strained relations with China in an Oct. 12 post on his social media platform, Truth Social, days after announcing the charges.
"Don’t worry about China, it will all be fine!" Trump wrote. "Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"
More: Trump announces additional 100% tariff on China imports, reigniting trade war with Beijing
The revived trade tensions have rattled Wall Street, sending Big Tech shares tumbling, worried foreign companies dependent on China's production of processed rare earths and rare earth magnets, and could derail a summit between Trump and Chinese President Xi Jinping tentatively scheduled for later this month.
